136 Ala. 412 | Ala. | 1902
This appeal is taken from the judg ment of the court below rendered in a hearing on a contest of the garnishee’s answer. The facts are undisputed and the trial was had by the court without the intervention of a jury. The issue was regularly made up, and the uncontradicted evidence showed, that the appellees were judgment creditors of the Consolidated Light, Water and Power Company, a corporation organized under the laws of Alabama, and upon which said judgment the garnishment was sued out. The defendant in garnishment, appellant here, was a subscriber to the capital stock of the judgment debtor corporation, in the sum of fifty-seven thousand and five hundred dollars, the subscription being made with the privilege of discharging the same by a conveyance of certain specified properties1 whom called for by the board of directors. That at the time the subscription to the capital stock was made, the garnishee, appellant, was the owner of the specific property with which he was privileged to discharge his said subscription, but that since said subscription he had disposed of all of it and had not owned it for two or three years prior to this garnishment proceeding. That no call was made by the board of directors, and that the board of directors was composed of all of the subscribers to the capital stock.
The question raised calls in a measure for a construction of our statutes relating to garnishment proceedings against subscribers to the capital stock in a corporation organized under the laves of ibis State; the contention of the appellant being, that judgment cannot be rendered against him, until after a call by the board of directors of the debtor corporation. And in support of this c n-tention, he relied mainly on the case of Teague, Barnett
There is another difference in the law as it stood prior to the Code of 1886, under which the case of Teague Barnett & Co. v. LeGrand, supra, was decided, and the present. Section 1805 of the Code of 1876, provided that “All subscriptions to the capital stock of any company organized or proposed to be organized under the provi* sious of this article shall be made payable in money, or in labor or property at its money value, to be named in